Last February, we held our first annual Partner Appreciation Month to celebrate and spotlight all the great achievements within our partner community. Based off its success, I’m happy to announce we will be hosting our second annual Partner Appreciation Month!
At OneStream, we firmly believe that it takes a village in all that we do and accomplish. And our village would not be complete without our partner network, which now encompasses over 240 partners around the globe. The role each partner plays in helping us attract and sell to prospects and customers, implement our Intelligent Finance platform, as well as provide stellar customer service is invaluable and a continuation of our mission and vision to be the operation system for the modern business.
Incentives During Partner Appreciation Month
Throughout the month, we will celebrate our partners’ many contributions and achievements with great incentives, including a chance to win a FREE ticket to Splash in North America or EMEA, as well as a chance to win an autographed hat by OneStream’s Brand Ambassador and PGA Tour Pro, Sepp Straka. Additionally, hear directly from some of our global partners on why they chose to work with OneStream and what the partnership means to them.
Why the OneStream Partner Community is Successful
Also, our sales leaders will talk about partners as our strongest allies and why OneStream is stronger than our competition. The OneStream partner community is successful because of the full support of the entire OneStream organization. The relationship between our partners and each OneStream team is based on mutual trust, open communication and transparency. Collectively, this results in a unified effort and cohesive message when speaking with customers and prospects, ensuring the highest level of customer success in all we do.
During this month, I ask that if you are in contact with our partners, wish them a great appreciation month and thank them for the wonderful job they do in assisting our customers and us every day.
Thank you again, and Happy Partner Appreciation Month! Interested in joining the OneStream partner ecosystem? join here.
Stephanie Cramp, Sr. Vice President, Global Alliances, OneStream Software
Become a Partner
In the world of accounting, and specifically when it comes to the consolidation of financial results for multiple companies that are owned by a parent company, the equity method of accounting is used to value a company’s investment in another company when it holds significant influence over the company it is investing in. There are no consolidation and elimination processes like in the consolidation method, instead the investor will report its share of the investee’s equity as an investment. The threshold for “significant influence” is commonly a 20-50% ownership.
Under the equity method, the investment is initially recorded at historical cost, and adjustments are made to the value based on the investor’s percentage ownership in net income, loss, and dividend payouts. However, in some countries, such as the Nordics and the Netherlands, there is a twist on this method. While the rest of the world often values their investments at cost, the Dutch and others have the habit of valuing their investments at equity. The remeasurement of the investment value in the investor’s financial statements to reflect equity changes of the investee is called Equity Pickup. Read on to learn more about the Equity Pickup approach and how we have solved the problem using OneStream’s Intelligent Finance Platform platform.
What is Equity Pickup?
Usually, holding companies will report the value of their investments at cost. However, the Dutch decided to do this differently. Statutory requirements demand a Dutch entity or group to report the current ‘Net Asset Value’ (NAV) of the investment. The process to pick up the equity value of investments instead of the cost price is called ”Equity Pickup’.
At least, all corporations with Dutch owners or a Dutch subgroup face this requirement. Equity Pickup has often been embedded in a cumbersome manual process though, as no software solution is prepared to support it. Until now! Using OneStream’s unified CPM Software platform we were able to eliminate this manual process. This resulted in a technique that can be implemented once, then integrates and automates Equity Pickup in the financial consolidation process with one click.
Equity Pickup Automation Until Now
What we have seen in working with clients is that many software solutions only pick up the retained earnings and losses from the subsidiaries. They don’t track any other changes in equity. This means you additionally have to post annual net asset value (NAV) journals so they can report a proper statement of changes in equity. The systems are not able to split out the required detail because they do not have such detailed information. The result, however, is still not very automated.
Fully integrated Equity Pickup
A complete implementation of Equity Pickup takes into consideration that the change in equity (of the subsidiaries) occurs not just because of earnings or losses but also from other genuine movements in equity, such as FX translations, dividend payments (which reduce the equity), issue of new share capital (which increase the equity) or revaluations.
OneStream’s unified solution enables you to fully integrate Equity Pickup as part of a one-click consolidation process. The way AMCO Solutions (formerly Agium EPM) implements Equity Pickup, also accommodates for sub-consolidation and multiple consolidation passes.
To learn more about the solution, and how we deal with maintenance and dashboard possibilities related to Equity Pickup, read Agium EPM’s whitepaper titled “Equity Pickup: A View on Automation” or contact us.
Download the White Paper
Many departments in an organization help to service a partner’s journey. As the leader of OneStream’s Alliances team, I am a steward of our partners’ relationships with these other departments.
Have you ever heard of the phrase it takes a village to raise a child? The OneStream Alliance Partner program may provide the foundation but it’s the many groups and stakeholders that bolster the partners to succeed and grow. Proper stewardship and collaborative working approaches help to align and build opportunity for each partner that in turn positively impacts our overall corporate mission of delivering 100% customer success.
Below are examples of other stakeholders within OneStream that work as an extension of the Alliances team to impact our partners in the spirit of enablement. The relationships between these departments provide a clear focus for a collaborative process that could offer a business benefit and/or strategic opportunity for our partners and OneStream;
Alliances doesn’t strictly own the partner journey. It’s the village that works collaboratively to support the journey and growth of our partners. Without collaboration between these groups, the partners can be diverted or misaligned with our corporate objectives that could ultimately lead to reputational risks, unsatisfied customers, or lower retention rates.
The vision of effective stewardship starts at the top. When leadership believes in the model and adopts the 1+1=3 mentality of software vendor, partner, and customer, the net result is success. We are a software firm that built a powerful platform that can address a wide range of customer needs. We have also recognized that in order to scale our business we need to steward our partners at multiple levels within the organization for continued success.
If you take care of your employees and partners, they will take care of your customers. In order to achieve this, you have to collaborate with all stakeholders in the partner’s journey to define process, mitigate risk, and build clear guidelines for a shared understanding of success.
Using a collaborative partner stewardship mindset the end result is the successful enablement and a continued investment for the growth, enhanced learning, and nurturing of the partner community. This wider view of partner relationships creates new value that will help to open doors and unforeseen opportunities.
To learn more about becoming a OneStream partner please visit us here: https://www.onestream.com/partners/.
Selling software and technology solutions have been my passion for over 20 years and during that time I’ve worked as a partner to many large and small corporations. Some with a well-defined partner program that offered support and helped me succeed while others held more of a Hunger’s Game-style approach in which I was given one map and had to figure out a plan of attack on my own.
With COVID-19 as the catalyst, CFOs and their teams are now preparing for the new age of finance post-COVID. What’s different about this “new age” vs. finance transformations of the past twenty years?
For most global organizations, post-COVID finance requires FP&A and accounting teams to move far ahead of the typical month-end reporting cycles. And certainly, wherever the “new normal” lands, finance teams need to think beyond simply automating key processes such as financial consolidation, reporting, and planning. Why? Because in this “new normal” world, finance and line-of-business teams need to lead at speed, acting on weekly or even daily financial and operational signals to drive performance.
And you just cannot do that by waiting until the end of the month. As Steve Jobs coined so well, “It’s time to think different.”
Business is dynamically changing. And as an organization evolves, there will always be new areas to bring into the finance strategy, from financial close and consolidation, to budgeting and planning, rolling forecasting, tax provisioning and more. To prepare, decision-makers are looking for non-disruptive ways to expand financial processes and deliver more value across the enterprise.
Arch Capital Group faced this challenge in January of 2019 when the International Accounting Standards Board (IASB) and Financial Accounting Standards Board (FASB) put the new IFRS 16/ASC 842 Lease Accounting standards into effect. This standard requires all leases to be recognized on the balance sheet to reflect an organization’s right to use an asset for a period of time, and to report the associated liability for payments. Read on to learn how Arch Capital leveraged OneStream’s unified platform to achieve IFRS 16 and ASC 842 compliance without any headaches – or additional product purchases.
The clock is ticking, and the date is getting closer for private companies to adopt the new Lease Accounting guidelines under IFRS 16 and ASC 842. As I mentioned in a prior article on this topic, lease accounting is one of the biggest accounting changes in the past few years. While investors are gaining better insights into the lease liabilities of public companies, adopting the new guidelines has put some stress on organizations who need to comply.
Having worked with finance executives for over 20 years now on software selections, its clear that they prefer to select platforms that can provide them a rapid payback and strong ROI. They typically also prefer software that provides a stable, consistent environment on which to support their finance processes for 5 – 10 years, and sometimes even longer. What finance executives don’t appreciate is having the rug pulled out from under them as a vendor announces the end of support for a platform they are relying on, forcing a major upgrade or re-implementation.
If you turn on the news, it can seem that the world’s gone a bit crazy. Companies that were once fixtures in the American economy are declaring bankruptcy. We see trade wars, tariffs, and other pieces of the economy being shuffled around the chessboard and no one is sure how everything will land, if at all.
Corporate Performance Management (CPM) Systems help companies handle financial and operational planning, financial consolidation and close, intercompany elimination, account reconciliation, reporting and analysis and other finance processes. Gartner first recognized the CPM software category in the early 2000s, when the sector was dominated by independent vendors like Hyperion, Cognos, and OutlookSoft. Over time, many of these CPM systems were acquired by larger software companies, and in many cases became “features” of or add-ons to ERP platforms.
What if we tell you that now you can replace your manual reconciliation process with an automated solution that can deliver results in hours. During every accounting close cycle every company goes through the cumbersome task of analyzing consolidated data and verifying the source of the transactions. Half the battle of reconciling data is trying to figure out where it came from. OneStream has taken consolidations one step further by creating Account Reconciliations. Reconcile what you report and drill-to-reconciliations with the single source platform for all GL trial balances. True to OneStream, Account Reconciliations is another module that can be downloaded from the OneStream XF Marketplace and installed in minutes.
What does OneStream’s Account Reconciliations have to offer to companies?
If you’ve been living in the Hyperion world, you’re used to having several EPM applications that require integration. Too often, improper integration results in an environment that’s difficult or time consuming to manage, applications with errors, and an organization that lacks confidence in the EPM system they’ve invested resources and capital in.